Save For A Home

Trying to buy a home but can't save for the down payment?

The Owen Hart Home Owners program can help you to save for a down payment on a home. You can also learn a lot about the process of buying a home.

Owen Hart Home Owners Program

Program Outline

The Owen Hart Home Owners Program is a free program for participants who have successfully completed the one year Fair Gains Program. This program offers people living in low-income situations the opportunity to save towards a downpayment for a home and home ownership and to increase money management skills with emphasis on home ownership issues. It is a 2-year program with the option of cashing out up to 3 years after program completion.

How It Works

• After successful completion of the Fair Gains (link here to FGs) one-year program, participants then apply to the Owen Hart Home Owners program.
• Participants deposit between $50-$100 per month for one year in a bank account, saving up to a total of $1,200.
• Participants attend regular workshops, peer group meetings and one-on-one consultation sessions learning how to manage money with emphasis on home ownership issues for one year.
• After one year, savings are matched at a 4:1 ratio ($4 for every $1 saved).
• Participants apply for a mortgage through a mortgage agent or bank of their choice.
• Participants look for, choose and purchase a home (apartment, townhouse, single detached house) within 3 years of finishing the program.
• Participants use saved dollars and the matching dollars from Fair Gains and the Owen Hart Home owners programs for down payment on a home.
• Participants gain money management skills for life!

Benefits to You

If participants save the full $50 in the first year and the full $100 every month in the second year, for a total of $1,800 in savings at the end of the program. Add this amount to $6,600 (minus tax) in matched savings from Momentum for the down payment!

You will learn money management skills and purchase an asset that will improve your quality of life: a home for you and your family.

Who Can Apply?

Applicants must have:

• Successfully completed the Fair Gains Program.
• Minimal assets and savings and do not already own a home.
• A p roven savings and participation record in the Fair Gains Program.
• Average to good credit rating.
• Income and expenses would allow you to get approved for a mortgage.

Program Dates

Classes start in the spring and the fall. If you are interested in participating, call as soon as possible to get your name on the waiting list for the Fair Gains program.

How to Apply?

Contact the Owen Hart Home Owners facilitator at 204-2679
or email for further information

Financial Partners

This program is made possible by:

Can't pay the rent this month? Need some help with a security deposit or utility payments? The Rent Bank may be able to help you!